Fix Python – Google Colaboratory: misleading information about its GPU (only 5% RAM available to some users)

update: this question is related to Google Colab’s “Notebook settings: Hardware accelerator: GPU”. This question was written before the “TPU” option was added.
Reading multiple excited announcements about Google Colaboratory providing free Tesla K80 GPU, I tried to run fast.ai lesson on it for it to never complete – quickly running out of memory. ….